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Whole Foods lower on outlook cut

(Image source:ksmleadership.com)

Shares Whole
Foods Market, Inc. (NASDAQ:WFM) are down big today
after the organic grocery chain posted
second quarter earnings that missed estimates. The company earned 38 cents a
share for the quarter on revenue of $3.32 billion. Analysts were expecting
earnings of 41 cents a share on revenue of $3.42 billion. Whole Foods cited
increased competition as a reason for the disappointing earnings. Going
forward, the organic grocer will reduce prices and expand affordable store
based brands. However, the company also cut its full-year earnings and
same-store sales growth.